盛新锂能终止H股IPO转A股定增 低价增发背后融资困境隐现

Core Viewpoint - Shengxin Lithium Energy, once seen as a dark horse in the lithium battery industry, is facing severe financing challenges after terminating its H-share issuance plan and opting for a low-priced private placement to alleviate financial pressure [1]. Financial Performance - The company reported a total revenue of 4.581 billion yuan in 2024, a year-on-year decline of 42.38%, with a net profit attributable to shareholders of -622 million yuan, marking a shift from profit to loss [1]. - In the first three quarters of 2025, revenue continued to decline by 12% year-on-year, with a net loss of 752 million yuan [1]. - In Q3 2025, the company achieved a revenue of 1.481 billion yuan and a net profit of 89 million yuan, indicating a quarterly turnaround, but cumulative losses remained significant [1]. Debt Situation - As of September 30, 2025, the company's short-term borrowings reached 4.583 billion yuan, with non-current liabilities due within one year amounting to 1.513 billion yuan, totaling 6.096 billion yuan [1]. - The asset-liability ratio has risen to 50.34%, a ten-year high, increasing nearly 9 percentage points compared to the same period in 2024, significantly above the industry average of 35% [2]. Historical Financing Efforts - The company has previously resorted to equity financing to ease financial pressure, raising a net amount of 944 million yuan through a private placement in August 2021 and 1.989 billion yuan in December 2022 [2]. Inventory and Market Conditions - The decline in lithium product prices has led to a significant reduction in inventory value, with the company recognizing an asset impairment loss of 440 million yuan in the first half of 2025 [3]. - Compared to larger industry leaders, Shengxin Lithium Energy's risk resistance appears inadequate, with asset impairment losses of 185 million yuan and 195 million yuan reported by Tianqi Lithium and Ganfeng Lithium, respectively, in the same period [3]. Production Capacity and Supply Challenges - The company has established lithium salt production capacity of 137,000 tons per year and lithium metal capacity of 500 tons per year, but actual lithium salt production in 2024 was only 67,600 tons, resulting in a utilization rate of less than 50% [4]. - The development of the highly anticipated Muzhong lithium mine has been severely delayed, with no specific timeline for the supply of lithium concentrate despite having obtained mining permits and planned production capacity of 3 million tons [4]. - The company faces a funding gap of 1.536 billion yuan, with cash reserves of 2.56 billion yuan and an additional 2 billion yuan in inventory, against short-term debts of 6 billion yuan [4]. Future Outlook - The development progress of the Muzhong lithium mine and lithium price trends will be critical for the company to overcome its financial difficulties, but the current industry backdrop of declining lithium prices and overcapacity suggests that the financing predicament may not be resolved by a single private placement [4].